Generator Sales Market Projected to reach $27.24 billion by 2023 | Key players include Caterpillar (US), Cummins (US), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (US)

According to the new market research report "Generator Sales Market by Type (Diesel, Gas), Application (Standby, Peak Shaving, Continuous Power), Power Rating (1,000 kVA), End-User (Residential, Commercial, Industrial), and Region - Global forecast to 2023", published by MarketsandMarkets™, The global generator sales market is projected to reach USD 27.24 billion by 2023, growing at a CAGR of 5.41%, from 2018 to 2023. This market growth is primarily driven by the growing demand for uninterrupted and reliable power and rapid urbanization in developing countries in Asia Pacific and the Middle East & Africa. Increased investments in IT infrastructure management and healthcare infrastructure are also expected to fuel the growth of the generator sales market during the forecast period.

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Asia Pacific would continue to be the largest market for generator sales, followed by North America, till 2023. The global market is dominated by major players including Caterpillar (US), Cummins (US), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (US).

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The market growth strategies adopted by key players in the generator sales market include new product launches, contracts & agreements, expansions and investments, mergers & acquisitions, joint ventures, and partnerships and collaborations. New product launches was the most commonly adopted strategy by market players from 2015 to 2017. Industry players also adopted contracts & agreements as one of the business strategies from 2015 to January 2018.

Caterpillar is one of the leading manufacturers of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company operates through 4 segments, namely, construction industries, resource industries, and energy and transportation, and provides financing and related services through its financial products segment. The company offers products and services related to generator sets under its energy and transportation segment. The company has adopted new product launches as its key strategy to gain a larger share of the generator sales market. For instance, in November 2017, the company introduced the Cat 3516E diesel generator set with a 2,750-kW rating for 60 Hz standby applications. This upgradation in power ratings would reduce installation and ancillary costs through reduced overall footprints and weight.

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Cummins is a global manufacturer of generator sets. The company has 4 complementary operating segments, namely, engine, distribution, components, and power generation system. The company offers generators through its power generation system segment. The company has a network of approximately 600 company-owned and independent distributor locations and over 7,400 dealer locations in more than 190 countries and territories. The company adopted new product launches and expansions as its growth strategies to maintain its market position. For instance, in December 2017, Cummins introduced the new RS125 and RS150 models as part of the Quiet Connect series, ranging from 13 kW to 150 kW for backup in the residential, commercial, and industrial sectors. Moreover, in July 2017, it opened a Global Logistics Hub in Singapore to enhance its global aftermarket product delivery.

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